We’ve updated our Employer’s Guide with information on what to do when you have a new employee and more. The guide is also an excellent resource to help you understand your role as an employer in educating your employees about their benefits.
Tier 5 members have an overtime cap for the calendar year. The overtime limit for ERS Tier 5 members is $16,882.63 for calendar year 2014, while PFRS Tier 5 members have a cap of 15 percent of their regular salary. Tier 6 also has an overtime cap, which is based on the State fiscal year for ERS members and the calendar year for PFRS members. The overtime limit for ERS Tier 6 members is $15,490 for the fiscal year ending March 31, 2015, while PFRS Tier 6 members have a cap of 15 percent of their regular salary for calendar year 2014. Please email our Employer Services Bureau if you have any questions.
The invoice for your 2015 payment to the Retirement System is now available through our Annual Employer Invoice Application. Since February 1, 2015 falls on a Sunday, payments received on or before February 2, 2015 will be considered on time. You also have the option to prepay a discounted amount by December 15, 2014. This year, you will have the option to pay your invoice through Automated Clearing House (ACH). Please see our November 5, 2015 letter to learn more.
The legislation that created Tier 6 established variable contribution rates for members based on their annualized wage. This video will help you understand how rates are determined and your important role in the process.